LG Energy Solution swings to loss amid weak EV demand

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SEOUL, April 30 : South Korea's LG Energy Solution (LGES) swung to a loss on Thursday as battery demand from electric vehicle (EV) makers weakened, with customers especially in North America continuing to operate at low utilisation rates for EVs.

LGES, which supplies Tesla, General Motors and Hyundai Motor, posted an operating loss of 208 billion won ($140.12 million) for the January-March period, in line with an earlier guidance.

That compares with a 375 billion profit a year earlier.

The South Korean automaker would have made a 398 billion operating loss without a tax credit received under the U.S. Inflation Reduction Act, according to a regulatory filing.

($1 = 1,484.4000 won)

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